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Trade Union barons will be barred from the Bank of England board under any future Conservative government.​ The announcement comes just hours after the self-declared union boss Paul Nowak was handed the job by Labour. He was sent to the board of the country’s central bank, sparking fury from critics who slammed Mr Nowak’s past statements on the City of London.

Union leaders have been appointed to the bank’s board since 1946, by both Tory and Labour chancellors. Now new Shadow Chancellor Andrew Griffith MP says they’ll be shown the door under any incoming Tory regime. Slamming the idea as “pretty 1970s,” the Tory moneyman said his party would end the decades-long convention.​

He joined growing calls to boot the barons off the board after Kemi Badenoch, the Tory Leader, said it was a sign of “trade union control” over the country.

Asked about the appointment and Mrs Badenoch’s comments by reporters, Mr Griffith said: “Paul Nowak said some very unfortunate comments in the past about, for example, the City of London, one of the financial powerhouses that helps our economy grow.

“There is a tradition of putting union bosses on the Bank of England board.

“If I’m honest, that feels pretty 1970s, it wouldn’t be the first place that I would go to bolster the reputation for financial discipline of an important financial institution.”

54-year-old Mr Nowak who earns £167,000 a year, won’t be taking the extra £15,000 he gets given for his post helping to run the bank.

Mr Nowak was a former call centre worker and has been a trade unionist throughout his career, before being appointed the TUC’s general secretary in 2022. The TUC represents 47 unions and 5.3 million workers in the UK.

Recently the trade union kingpin was leading TUC demands on Labour to slam up taxes on the profits of the country’s banks.

He is also a self-described socialist who has levied attacks against right-wing political parties – including Reform UK – and has defended the rights of unions to hand millions to Labour’s election war chest.

His appointment was met with criticism, including from deputy leader of Reform UK Richard Tice who called the appointment ​”staggering”, adding: “Our socialist Chancellor has dished out a big Bank of England finance job to a socialist union boss who knows nothing about finance.”

Mrs Badenoch posted on X: “Only one party has ever rescued the country from trade union control. We’re ready to do so again.

“If you weren’t sure what kind of Labour Government we have, or want to know what’s in store for you and your family finances, the news below is a big clue and it’s not good news.”

A TUC spokesperson said: “Paul Nowak had agreed with the Bank of England in advance of his appointment that he would be donating all his fees to charity.

“He looks forward to helping bring the perspective of working people into the work of the Bank.

“TUC general secretaries and other trade unionists have been appointed to the court by both Labour and Conservative chancellors.”